balaji amines Directors report

To

The Members,

Your Directors are pleased to present the 35^th Annual Report together with the Audited Standalone and Consolidated Financial Statements of the Company for the year ended 31^st March, 2023.

1. FINANCIAL RESULTS

( Rs. in Lakhs)

	Standalone		Consolidated
PARTICULARS	2022-23	2021-22	2022-23	2021-22
REVENUE FROM OPERATIONS	1,72,628.31	1,92,066.56	2,35,539.56	2,32,288.36
Other Income	975.65	1,839.49	1,524.64	1,471.85
Total Revenue	1,73,603.95	1,93,906.05	2,37,064.20	2,33,760.21
Total Expenses excluding Depreciation, Finance Cost and Tax Expenses	1,39,667.06	1,47,971.09	1,74,628.17	1,70,021.50
Profit before Depreciation, Finance Cost and Tax Expenses	33,936.89	45,934.96	62,436.03	63,738.71
Less: Depreciation	3,126.24	2,916.85	4,557.34	4,199.86
Profit before Finance Cost and Tax Expenses	30,810.65	43,018.11	57,878.69	59,538.85
Less: Finance Cost	273.35	704.08	1,197.17	1,710.03
Profit before Tax	30,537.31	42,314.03	56,681.52	57,828.82
Current Tax	7,838.28	11,522.74	16,072.72	15,888.28
Adjustment of earlier years Tax	(55.18)	(2.81)	40.50	150.47
Total Tax	7,783.09	11,519.93	16,113.22	16,038.75
Profit after Tax	22,754.22	30,794.10	40,568.30	41,790.07
Other Comprehensive Income	(16.36)	-	(22.82)	-
Total Comprehensive Income	22,737.86	30,794.10	40,545.48	41,790.07
(a) Shareholders of the Company	22,737.86	30,794.10	32,551.96	36,841.88
(b) Non-controlling interests	-	-	8,016.34	4,948.19
Less : Transfer to Reserves	2,275.42	3,078.70	2,275.42	3,078.70
Balance	20,462.44	27,715.40	30,276.56	33,763.18
Balance of profit of earlier years	1,04,905.04	78,485.68	1,10,651.06	78,183.92
Add(Less): Final Dividend Paid, Other Comprehensive income net of taxes etc.	(1,944.06)	(1,296.04)	(2,113.36)	(1,296.04)
Balance Carried Forward	1,23,423.42	1,04,905.04	1,38,814.26	1,10,651.06

2. PERFORMANCE HIGHLIGHTS

Your company has achieved a Gross Income of H1,73,603.95

Lakhs on standalone basis during the financial year 2022-23. The Profit After Tax for the year stood at H22,754.22 Lakhs.

Further details of operations are given in the Management Discussion and Analysis Report which forms part of this report.

3. DIVIDEND

During the Financial Year, based on the Companys performance, the Board of Directors have declared dividend of H10/- each per equity share at 500% of the face value of H2/- each, if approved by the Members would involve a cash outflow of H3,240.10 lakhs. Pursuant to Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has framed a Dividend Distribution Policy and the same is herewith annexed as ‘Annexure I to this report. The Dividend

Distribution Policy is posted on the website of the Company at http://www.balajiamines.com/pdf/1663741568DDP.pdf

4. TRANSFER TO RESERVES

The Company proposes to transfer a sum of H2,275.42 lakhs to the General Reserves. An amount of H18,518.38 Lakhs is proposed to be retained in the statement of profit and loss.

5. SUBSIDIARIES

Balaji Speciality Chemicals Limited (BSCL) is the only Subsidiary of the Company. BSCL is engaged in Manufacturing of Ethylenediamine (EDA), Piperazine (Anhydrous), Aminoethylpiperazine (AEP) and Diethylene triamine (DETA) and other Specialty Chemicals.

During the period under review, BSCL has filed the draft Red Herring Prospectus with SEBI for Initial Public Offering of Equity Shares on 10^th August, 2022 and subsequently obtained in-principle approvals from both the Stock Exchanges (i.e BSE and NSE) and received the final observations for filing of Updated Draft Red Herring Prospectus with SEBI.

6. CONSOLIDATED FINANCIAL STATEMENTS

As required pursuant to the provisions of Section 129 of the Companies Act, 2013, and the Securities and Exchange Board of India (Listing Regulations and Disclosure Requirements) Regulations, 2015, the Consolidated Financial Statements of the Company are prepared in accordance with the Indian Accounting Standards (Ind-AS) issued by the Institute of Chartered Accountants of India on the basis of the Audited Financial Statements of the Company and its Subsidiary.

As per the provisions of Section 136 of the Companies Act, 2013, the Company will also place separate audited accounts of its Subsidiaries on its website. The audited financial statements of the subsidiary are available on the website of the Company at http://www.balajiamines.com/investor-relations.

The Statement containing salient features of the financial statements of the subsidiaries in Form AOC-1 is attached as ‘Annexure II to this Annual Report.

7. CREDIT RATING

The Credit Rating of the Company is affirmed during the year as "IND AA/ Stable/INDA1+" by India Ratings and Research Private Limited.

8. DETAILS OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE FINANCIAL YEAR

During the Financial Year 2022-23, no company ceased to be a subsidiary of the company and your company does not have any associates or joint ventures.

9. DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL WHO WERE APPOINTED OR HAVE RESIGNED DURING THE FINANCIAL YEAR

The constitution of the Board is in Compliance with the provisions of Section 149 of the Companies Act, 2013, and the Listing Regulations.

During the year 2022-23, there were no changes in the directors or key managerial personnel of the Company.

However, after the financial year following changes took place in the office of directors and key managerial personnel of the Company:

Mr. Hemanth Reddy Gaddam, Whole-time Director & CFO who has been designated as a Whole-time Director in Balaji Speciality Chemicals Limited, a subsidiary company has demitted from the office of Whole-time Director & CFO of the Company with effect from closing hours on 20^th May, 2023.

Mr. Naveena Chandra Thammishetty, Mr. Amarender Reddy Minupuri, Mr. Satyanarayana Murthy Chavali, Mr. Kashinath Revappa Dhole and Mrs. Vimala Behram Madon resigned from the office of Independent Director of the Company with effect from closing hours on 20^th May, 2023.

Based on the recommendations of the Nomination and Remuneration Committee, the Board of Directors at their meeting held on 20^th May, 2023, appointed Dr. Suhasini Yatin Shah, Dr. Uma Rajiv Pradhan, Mr. Mohan Kumar Ramakrishna and Mr. Adabala Seshagiri Rao as Additional Directors under the Category of Independent Directors of the Company for a period of 5 years subject to the approval of members at this 35^th Annual General Meeting of the Company.

Mr. Ande Srinivas Reddy, Whole-time Director retires by rotation and being eligible, offers himself for re-appointment at the 35^th Annual General Meeting of the Company.

10. DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declarations from all the Independent Directors of the Company confirming that they fulfill the criteria of independence as prescribed under sub-section (6) of Section 149 of the Companies Act, 2013, and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

11. MEETINGS

During the year, four meetings of the Board of Directors were held, as more particularly disclosed in the attached Report on Corporate Governance. The intervening gap between any two meetings was within the prescribed period.

The number and dates of meetings held by the Board and its Committees, attendance of Directors and details of remuneration paid to them is given separately in the Report on Corporate Governance in terms of Section 134(3) (b) of the Companies Act, 2013.

None of the Directors are disqualified under Section 164(2) of the Act. Certificate on non-disqualification, as required under Regulation 34 of SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015 is annexed to the Report on Corporate Governance.

Committees of the Board

Details of committees of the Board, their composition and other details are provided in the Report on Corporate Governance, which forms part of this annual report.

Meetings of Independent Directors

As stipulated by the Code of Independent Directors under the Act and the Listing Regulations, one meeting of Independent Directors was held during the year. The Independent Directors reviewed the performance of Non-Independent Directors and the Board as a whole, reviewed the performance of the Chairman of the Company.

12. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and regulations contained in the chapters of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of its own performance by the Directors individually (including Independent Directors) as well as the evaluation of the working of its Audit, Nomination and Remuneration and other Committees.

A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Boards functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.

A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgments, safeguarding the interest of the Company.

The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors. The Directors expressed their satisfaction with the evaluation process.

Familiarization program for Independent Directors

The Company familiarizes its Independent Directors pursuant to the requirements of the Listing Regulations with their roles, rights and responsibilities in the Company. The details of the familiarization programme imparted to Independent Directors of the Company during Financial Year 2022-23 are available on the website of the Company at http://www.balajiamines. com/pdf/1686306196Details%20of%20familiarisation%20 Programme%20for%20Independent%20Directors.pdf

It is the general practice of the Company to notify the changes in all the applicable laws from time to time in Board Meetings conducted.

13. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 (5) of the Companies Act, 2013, your Directors confirm that, to the best of their knowledge and belief and according to the information and explanation available to them that-

(a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) such accounting policies as mentioned in the notes to the financial statements have been selected and applied consistently and judgments and estimates that are reasonable and prudent made so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 2022-23 and of the statement of profit of the Company for that period;

(c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) the annual accounts for the year 2022-23 have been prepared on a going concern basis;

(e) the proper internal financial controls are in place and that the financial controls were adequate and were operating effectively.

(f ) the proper systems have been devised to ensure compliance with the provisions of all applicable laws and were adequate and operating effectively mentioned under various heads of the departments which are in turn reporting to the Whole-time Directors.

14. RESEARCH & DEVELOPMENT

Your Company has been carrying out continuous Research and Development activities in the following areas: a) Adoption of advanced technology in recovering waste water has resulted in minimizing the impact on the environment and reiterated our focus on core principle of Reduce, Reuse and Recycle of all the resources. b) Several improvements in the ACETONITRILE plant have been initiated which have resulted in lower consumption coefficient and higher efficiency of plant operations. c) Backward & forward integration of products to improve value chain and better utilization of all the resources. d) Identification of new products and development activities of latest process technologies are continuously worked on. e) Continuous improvement of processes and fine tuning of process parameters to optimize utilization of energy, utilities & raw materials consumption and alternate routes are being looked at. f ) For sustainable usage of natural resources, the Company has initiated various methods and Processes, equipments for reducing, reusing and recycling of various natural resources g) The R&D demonstration projects for the Manufacture of THF, NEM, NMM, NMMO and MIPA were undertaken during the year by your company.

15. EXPANSION/DIVERSIFICATION a) N Butylamines: The new expansion project works are progressing at brisk speed. The Plant is expected to be commissioned during the FY 2023-24 b) Methylamines: The project implementation work is started. The project is likely to be commissioned around March -2024. c) Dimethyl Ether (DME): This project is newly proposed to be taken up in Unit -IV, Second Phase with an installed capacity of 1,00,000 MT P.A. This is mainly used in the place of LPG either blended or directly. The expected commencement of commercial production is by end of FY 23-24. d) Dimethyl Formamide(DMF):The Company has obtained the environmental clearance for the capacity of 36,000 MT PA. The project will be implemented on the basis of market situation. e) Acetonitrile: The Company has obtained the environmental clearance for the capacity of 16,000 MT PA. The project will be implemented on the basis of market situation. f ) All other expansion plans are in the final stages of order placement for plant & machinery for long delivery equipment.

16. CHANGE IN NATURE OF BUSINESS

There is no change in the nature of business during the year.

17. MATERIAL CHANGES AND COMMITMENTS

There have been no material changes and commitments, if any affecting the financial position of your Company which have occurred after the closure of the Financial Year 2022-23 till the date of this Report.

18. REMUNERATION POLICY

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection and appointment of Directors and Senior Management personnel and fix their remuneration. The Remuneration Policy is placed on the website of the Company at the link: www.balajiamines. com/investor-relations.

19. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013, are given in the notes to the Financial Statements.

20. ANNUAL RETURN

Pursuant to the provisions of Section 92(3) of the Act, the Annual Return of the Company as on 31^st March 2023 is available on the Companys website at www.balajiamines.com/ investor-relations.

21. PARTICULARS OF EMPLOYEES

In term of the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 a statement showing the names and other particulars of the employees drawing remuneration in excess of the limits set out in the said rules are provided in ‘Annexure III to this report.

22. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company has in place proper and adequate internal control systems commensurate with the nature of its business, size and complexity of its operations. Internal control systems comprising policies and procedures designed and implemented to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations, and that all assets and resources acquired are used optimally.

23. STATUTORY AUDITORS

M/s. M. Anandam & Co., Chartered Accountants (Firm Registration No. 000125S), were appointed as Statutory Auditors of the Company for a period of 5 years from the conclusion of 34^th Annual General Meeting of the Company till the conclusion of 39^th Annual General Meeting of the Company.

The Independent Auditors Report given by M/s. M. Anandam & Co., Chartered Accountants, Statutory Auditors of the Company on Standalone and Consolidated Financial Statements of the Company does not contain any qualification, reservation or adverse remark.

24. REPORTING OF FRAUDS

During the year under review, there was no instance of fraud, which required the Statutory Auditors to report to the Audit Committee and /or Board under Section 143(12) of the Companies Act, 2013 and the rules made thereunder.

25. INTERNAL AUDITORS

The Board of Directors based on the recommendation of the Audit Committee have appointed M/s. Aherkar & Co, Chartered Accountants, Solapur, as the Internal Auditors of your Company. The Internal Auditors are submitting their reports on a monthly basis.

26. COST AUDITORS

In accordance with Section 148(3) and other applicable provisions, if any, of the Companies Act, 2013, and the Companies (Audit and Auditors) Rules, 2014, the Audit Committee has recommended and the Board of Directors had appointed Mr. Narayan D. Dontul, Practicing Cost Accountants, Solapur, (FRN No. 100224) as Cost Auditors of the Company, to carry out the cost audit of the products manufactured by the Company during the financial year 2022-2023 on a remuneration of H75,000/- (Rupees Seventy Five Thousand only). The remuneration payable to the cost auditor is required to be placed before the Members in a general meeting for their approval. Accordingly, a Resolution seeking Members approval for the remuneration payable to Mr. Narayan D. Dontul, Cost Accountants, is included at Item No. 4 of the Notice convening the Annual General Meeting.

27. SECRETARIAL AUDITORS & SECRETARIAL AUDIT REPORT

Pursuant to provisions of Section 204 of the Companies Act, 2013, read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board has appointed M/s. P. S. Rao & Associates, Practicing Company Secretaries, to conduct Secretarial Audit for the financial year 2022-23. The Secretarial Audit Report, pursuant to Section 204(1) of the Companies Act, 2013, for the financial year ended 31^st March, 2023 is given in ‘Annexure IV attached hereto and forms part of this Report.

The Secretarial Audit Report of Unlisted Material Subsidiary, Balaji Speciality Chemicals Limited issued by M/s. P. S. Rao & Associates, Practicing Company Secretaries is forming part of the Report on Corporate Governance.

The Secretarial Audit Report does not contain any qualification, reservation or adverse remark on the Company.

As per Regulation 24A of the Listing Regulations, the Annual Secretarial Compliance Report issued by M/s. P.S. Rao & Associates, Practicing Company Secretaries pursuant to SEBI circular dated February 8, 2019 and is forming part of the Report on Corporate Governance.

28. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has formulated a Whistle Blower Policy in terms of Section 177 of the Companies Act, 2013, and as per Regulation 22 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 for the employees to report their grievances / concerns about instances of unethical behavior, actual or suspected fraud or violation of Companys Code of Conduct by means of Protected Disclosure to the Authorized Officer or the Chairman of the Audit Committee.

The vigil mechanism / whistle blower policy may be accessed on the Companys website at the link:http://www.balajiamines. com/pdf/1644382399whistle_blower_policy_balajiamines_ final.pdf.

29. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3) (m) of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed herewith as ‘Annexure V.

30. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTY

All related party transactions that were entered into during the financial year were at an arms length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.

During the year, all Related Party Transactions were placed before the Audit Committee and also to the Board for approval. Prior omnibus approval of the Audit Committee was obtained for the transactions which were of a foreseen and repetitive nature.

The Policy on Related Party Transactions as approved by the Board of Directors of the Company is uploaded on the website of the Company and the same can be accessed at the link: http://www. balajiamines.com/pdf/1549342970Policy-on-Related-Party-Transactions.pdf.

The particulars of contracts or arrangements with related parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013, in Form AOC-2 and disclosures under Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, is annexed as ‘Annexure VI to this report.

31. RISK MANAGEMENT

The Company has constituted a Risk Management Committee and formulated a policy on Risk Management in accordance with the Companies Act, 2013 and Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details of the Committee and its terms of reference are set out in the Report on Corporate Governance forming part of the Boards Report. The Risk Management Policy of the Company is posted on the website of the Company and the web link: http://www.balajiamines.com/pdf/1568700507Risk%20 Managment%20Policy.pdf.

32. CORPORATE SOCIAL RESPONSIBILITY

The Board in compliance with the provisions of Section 135(1) of the Companies Act, 2013, and rules made thereunder has constituted Corporate Social Responsibility (CSR) Committee. The details of the Committee and its terms of reference are set out in the Report on Corporate Governance forming part of the Boards Report. The CSR policy has been placed on the Website of the Company and can be accessed through the link: http://www.balajiamines.com/pdf/1512734314Corporate%20 social%20reponsibility%20Policy.pdf. and a brief outline of the CSR Policy and the CSR initiatives undertaken by the Company during the year as per Annexure prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014 have been appended as ‘Annexure VII to this Report.

33. FIXED DEPOSITS

Your Company has not accepted any fixed deposits and as such no principal or interest was outstanding as on the date of the Balance Sheet.

34. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND THE COMPANYS OPERATIONS IN FUTURE

There are no significant and material orders passed by the regulators or courts or tribunals that would impact the going concern status of the Company and its future operations.

35. MANAGEMENT DISCUSSION & ANALYSIS

The Management Discussion and Analysis as required under Schedule V of the Listing Regulations forms is shown in a separate section forming part of the Annual Report.

36. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016

During the year under review, the Company has not filed any application or no proceeding is pending against the Company under the Insolvency and Bankruptcy Code, 2016.

37. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE_TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF

During the year under review, the Company has not made any one-time settlement while taking any loans from the Banks or Financial Institutions.

38. COMPLIANCE WITH SECRETARIAL STANDARDS

During the year under review, your Company has complied with the respective Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings, General Meetings and Dividend.

39. EMPLOYEE STOCK OPTIONS

The Company is yet to implement the ESOP Scheme.

40. BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT WITH ENVIRONMENT, SOCIAL & GOVERNANCE

Business responsibility & Sustainability reporting for the year under review, as stipulated under Regulation 34(2)(f ) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is provided in a separate section forming part of the Annual Report.

41. CORPORATE GOVERNANCE

Your Company practices a culture that is built on core values and ethical governance practices and is committed to transparency in all its operations and activities. A Report on Corporate

Governance along with a Certificate from the Practising Company Secretaries of the Company regarding compliance with the conditions of Corporate Governance as stipulated in Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46 and paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed to this Report.

42. HUMAN RESOURCES

Your Company considers its Human Resource as the major strength to achieve its objectives. Keeping this in view, your Company takes all the care to attract, train and retain well qualified and deserving employees. The employees are sufficiently empowered and enabled to work in an environment that inspires them to achieve higher levels of performance. The unflinching commitment of the employees is the driving force behind the Companys vision being accomplished.

43. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE _PREVENTION, PROHIBITION AND REDRESSAL_ ACT, 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of

Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. This policy is placed on the Companys Website at http://www.balajiamines.com/ pdf/1645091304Anti%20Sexual%20Harassment%20Policy.pdf.

The following is a summary of sexual harassment complaints received and disposed of during the year: No. of Complaints received : Nil No. of Complaints disposed off : Nil

44. LISTING WITH STOCK EXCHANGES

The Equity Shares of the Company are listed on NSE Limited and BSE Limited. The annual listing fees for the year 2023-24 have been paid to these exchanges.

45. ACKNOWLEDGMENT

Your Directors express their sincere appreciation to the customers, members, dealers, employees, bankers, State and Central Government, Stock Exchanges and all the stakeholders for their cooperation and confidence reposed in the Company.

For and on Behalf of the Board of Directors
Sd/-
Ande Prathap Reddy
Executive Chairman	Date: 20th May, 2023
DIN: 00003967	Place: Hyderabad